Dip in property registration revenue in January 2019
Posted on: 06/Feb/2019 3:05:54 PM - No. of views : (3072)
Registration department that is one of the prominent money-generator to the government saw a dip in January, as there were considerably continuous holidays. Across Tamil Nadu, there was about Rs 13 crore drop in overall revenue generated by property document registration when set against the same in January 2018.
There was a dip in total count of document registration by 1000 numbers pertaining to Chennai Zone encompassing Kancheepuram and Tiruvallur districts. In this year January, the overall revenue was Rs 315 crore while the same last year was high by Rs 5 crore.
There was lower revene also at Coimbatore, Madurai, Tirunelveli, Tanjore and Trichy which is of the range Rs 1 crore to Rs 4 crore in January 2019.
Increase in revenue was observed only in Salem and Vellore zones. The overall revenue in the state in January 2019 is Rs 744 crore whereas the same was Rs 757 crore in January 2018.
Registration spoilers � the sequence of holidays owing to Pongal between 14th and 17th of January and 2 other weekends were the main reasons for such dip in total registrations, say official sources. Nevertheless, the annual revenue pertaining to this financial year of the registration department will however surpass that of previous year (Rs 9100 crore). March being a peak period of registration, there is an overall revenue expectation of up to Rs 10,000 crore, officials add.
Amidst these, there is a request being placed by the CREDAI (Confederation of Real Estate Developers� Association of India) that the registration fees be reduced in order to boost revenue production. In his note about this, the Chennai Chapter President of CREDAI � Mr W S Habib says TN charges the maximum towards registration charges which is 11% while 7% goes towards stamp duty.
